Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses, Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 $ 497,148 $ 380,856 299,283 241,844 197,865 139,012 70,595 52,558 44,743 33,515 115,338 86,073 52,939 10,853 $ 42,086 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 82,527 15,350 $ 67,177 KORBIN COMPANY Comparative Balance Sheets December 31 2021 $ 62,947 0 115,120 $ 178,067 $ 25,998 72,000 9,000 71,069 $ 178,067 2020 2019 $264,300 169,152 P $ 42,130 800 104,989 $147,919 56,825 38,323 7,780 $30,543 $ 22,040 72,000 9,000 44,879 $147,919 95,148 34,888 21,937 2019 $56,318 3,240 62,993 $ 122,551 $ 21,446 54,000 6,000 41,105 $ 122,551

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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21p1
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses,
Total expenses
Income before taxes
Income tax expense
Net income
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
Liabilities and Equity
Current liabilities
2021
$ 497,148
299,283
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
197,865
70,595
44,743
115,338
82,527
15,350
$ 67,177
KORBIN COMPANY
Comparative Balance Sheets
December 31
2020
$ 380,856
241,844
139,012
52,558
33,515
86,073
52,939
10,853
$ 42,086
2021
$ 62,947
0
115,120
$ 178,067
2020
2019
$ 264,300
169,152
95,148
34,888
21,937
56,825
38,323
7,780
$30,543
$ 42,130
800
104,989
$147,919
&
2019
$ 56,318
3,240
62,993
$ 122,551
$25,998
$ 22,040
$ 21,446
72,000
54,000
72,000
9,000
9,000
6,000
71,069
44,879
41,105
$ 178,067 $ 147,919 $ 122,551
HEAN
Transcribed Image Text:Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses, Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 2021 $ 497,148 299,283 Common stock Other paid-in capital Retained earnings Total liabilities and equity 197,865 70,595 44,743 115,338 82,527 15,350 $ 67,177 KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 380,856 241,844 139,012 52,558 33,515 86,073 52,939 10,853 $ 42,086 2021 $ 62,947 0 115,120 $ 178,067 2020 2019 $ 264,300 169,152 95,148 34,888 21,937 56,825 38,323 7,780 $30,543 $ 42,130 800 104,989 $147,919 & 2019 $ 56,318 3,240 62,993 $ 122,551 $25,998 $ 22,040 $ 21,446 72,000 54,000 72,000 9,000 9,000 6,000 71,069 44,879 41,105 $ 178,067 $ 147,919 $ 122,551 HEAN
KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2021, 2020, and 2019
2021
2020
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
%
%
%
%
2019
%
%
Transcribed Image Text:KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % % 2019 % %
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